No, I am saying that. Other NCB specifically announced write-downs. For instance, the Bundesbank announced: "Write-downs on financial assets and positions" of EUR -922 million. In many cases the write-down was offset by drawing from provisions. BdF did not announce write-downs but in the same section of its P&L stated "1.2.2 Net allocations to/reversals from the foreign currency revaluation reserve EUR-235 (mln)"
Thanks for your work, incredible!
Thank you Alessandro.
Are you saying France used its “revaluation account” (fx + gold) to cover losses?
No, I am saying that. Other NCB specifically announced write-downs. For instance, the Bundesbank announced: "Write-downs on financial assets and positions" of EUR -922 million. In many cases the write-down was offset by drawing from provisions. BdF did not announce write-downs but in the same section of its P&L stated "1.2.2 Net allocations to/reversals from the foreign currency revaluation reserve EUR-235 (mln)"
Thanks. Accidentally I skimmed through the BdF’s report recently and didn’t quite understand some revaluation rules.
'It's Complicated!'